Do New Moms Need Life Insurance?

Mark Burback | Children | 3 Nov, 2015 | No Comments

Do new moms need life insurance coverage?


It’s a question that is on many young mother’s minds. After all, there seems to be quite a lot of conflicting information. Some sources cite that life insurance isn’t necessary or cost-effective for young mothers while others argue quite the contrary. The question then becomes, is life insurance really necessary for mothers to be or is it simply built-up sales gimmicks?


We tackle the answers to these questions and more.


What Life Insurance Coverage Provides

Before taking any other factors into consideration, we must first examine what exactly life insurance provides. After all, before any final verdict can be made, one must first be familiar with the benefits life insurance coverage is designed to provide.


1.) Financial Assistance for Family

Life insurance provides a number of financial incentives for designated beneficiaries. Offering financial protection in the event of the unthinkable, life insurance is often viewed as a wise investment, especially for those with young children. Designed to provide monthly payments or even a whole sum payment, life insurance is commonly viewed as a necessary measure to protect the future financial security of the ones you love most. After all, the loss of a parent can leave some families not only emotionally devastated but financially devastated as well. Life insurance provides a buffer against this financial trauma.


2.) Long-Term Asset Protection

Although life insurance is often associated with providing death benefits to loved ones that is not the only reason that life insurance has been viewed as a necessity for young families. In fact, life insurance also provides a number of lucrative advantages when it comes to asset protection. Assume that you do not possess any assets worth protecting? Well, as it turns out, you don’t have to be a corporate executive or a celebrity to have assets worth accounting for. Whether it’s cash value assets, property assets, or any other type of asset, life insurance can be a beneficial tool for those looking to protect their valuables.


3.) Peace of Mind

In addition to providing financial incentives along with long-term asset protection, life insurance can also provide peace of mind in knowing that the ones you love most are covered. While the future may not be completely in your control, investing in life insurance when starting a family can be one way to guard your family against the unknown. Also, there’s often peace of mind in knowing that you locked in the best rates early on. After all, life insurance premiums are typically the most affordable and cost-effective for individuals who are young and in good overall health, making it a worthwhile investment for many young mothers and families.


When to Seek Coverage?

You may be wondering whether or not there is an ideal time to seek coverage. The answer? It’s in your best interest to seek coverage sooner rather than later. In general, opting for coverage early on typically brings significant savings, especially if you’re in great health. However, keep in mind that some life insurance providers will require that you wait until after giving birth to begin receiving coverage. In addition, some providers will also charge more post-pregnancy than pre-pregnancy, so opting in for coverage early on can be a wise choice to maximize savings. However, even shortly after post-pregnancy, many young mothers are still able to obtain affordable coverage. So, long answer short. If you’re thinking about getting coverage, begin looking into your options now rather than later on.


How Much will Coverage Cost?

What’s a reasonable estimate that you should expect to pay? Well, the answer is going to depend primarily based on the following factors. Your age, as well as the state of your health, is going to have a significant influence on the price you’ll pay for life insurance coverage. In addition, you can expect to pay higher rates if you are a smoker. There are many factors at play, so it is difficult to pinpoint an exact amount you can expect to allocate for coverage. However, to get a better idea of your expected costs, simply use this life insurance needs calculator.


Whole or Term Life Insurance?

The next question many people have, especially parents to be when it comes to life insurance coverage is whether they should opt for whole or term life insurance. After all, is one type of coverage option better than the other? While there is again no simple answer here, it is more often than not recommended for young parents to choose term life insurance coverage. Term life insurance coverage typically offers a far more affordable price tag on average than whole life insurance and also tends to be a more realistic option for young parents. After all, you don’t need the most expensive coverage in the world; you simply need affordable coverage to protect the ones you love most.


Which is why makes finding affordable coverage easy. We’ve taken the hassle out of trying to make sense out of complex insurance quotes and shady sales traps. Instead, we’ve provided a comprehensive and easy tool for finding the most affordable term life insurance coverage. Simply enter your zip code to get started for access to the best rates from top providers.

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